Paul's Weekly SCVR Summary - (w/e 25 Nov 2022) - Episode 22

28th Nov '22 by Paul Scott

6 comments 2155 reads

Episode 22 - week-ending 25 November 2022

Audio is here, or on most good podcast platforms (and some bad ones!)

Monday 21 Nov

Accrol group (LON:ACRL) - H1 TU pretty good. Expecting FY results at least in line with mkt exps. Substantial growth in volumes, and prices raised a lot. Flaw in business model is it's low margin, and can’t control input prices, and time lag in passing on price rises. Although a reader did comment they’re now better matching input & output prices with improved contracts. Net debt of £30.5m still a lot for a co making only £7m profit this year. Earnings expectations have been lowered a lot, over two thirds, so easy to beat now. I think it’s not a very good business, and shares don’t seem particularly good value. But this update was positive.

Pod Point group (LON:PODP) - my first review. I wouldn’t go near it, not a viable business model. One-off sales, with little to no recurring revenues. Heavily loss-making. Installs one-off EV charging points, mainly residential. Commercial division has little recurring revenue. 55% owned by EDF - why did it float? To get someone else to pay for EV charging point roll-outs? I wouldn’t touch it, looks doomed to failure. Lost ¾ of value since floating, grinds down to zero eventually maybe? Still has lots of cash though.

TT electronics (LON:TTG) - Graham reviewed. Very interesting development - buy-in of pension scheme with L&G. If other companies follow suit, could be v good news. We need to do some more work on this & compare it with other pension schemes.

Polar Capital Holdings (LON:POLR) - Graham reviewed, he has experience & knowledge on finance shares, as a former fund manager.

Tuesday 22 Nov

I was preoccupied selling my Porsche Taycan, wanted to try out an EV. Amazing car, v quick & superb handling, but charging infrastructure inadequate. I barely used it, as working from home. So big & wide, difficult to place on the road. Range anxiety is a big thing with EVs. Sold it for more than I paid for it! Replacing it with an Audi A4 petrol, boring, but sensible.

Forterra (LON:FORT) - brick maker, looks interesting. In line with expectations. Downturn from housebuilding? Maybe not, because there’s a shortage, being filled by lower quality imports. So with new…

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KevinS1

28th Nov '22

Hi Paul - great write-up and another great episode. I really appreciate these summaries.

Whilst I read the SCVR every day it is useful to get a summary I can listen to on a Monday of the whole weeks report which prompts me to go back and re review things which I might have missed first time around.

Keep up the great work.

All the Best. K

Paul Scott

That's so kind, thank you KevinS1! :-) Feedback is very much appreciated.

I really enjoy doing the weekly summary podcasts. It's nice to get up on a Saturday/Sunday morning and half switch off about work in terms of pressure, but also half re-focus on things that happened so quickly during the week, that it was easy to forget about them almost instantly, and ponder broader points.

A funny thing as well, is that when I was younger, like most people, I couldn't stand the sound of my own voice. It sounded camp, and just horrible, whenever I heard recordings. Although more recently, as you get older, and relax, your voice naturally lowers to a more pleasing register, so it sounds less strident maybe? And you get more comfortable in your own skin after 50, I think. This is me, if you don't like it, that's fine, don't listen, I'm not bothered about haters - I hope their own lives improve, so they stop projecting hatred, and instead become more happy when they look in the mirror. Live & let live, after all. Just general thoughts.

I remember years ago, being at an investor event when my friend David Stredder just got up and spoke to a whole room full of people. I was astonished by this, and thought there was no way I could ever do the same thing. Then I set it as a personal target, to be able to get up and speak about things that interested me. It took a while, and a few mis-steps along the way, but Ed helped coach me, and now I enjoy talking about shares to basically anyone who is interested! The trick, if there is one, is to prepare some interesting material, and have the facts & figures at hand. Not just winging it.

Best wishes, Paul.

P.S. The Dale Carnegie series of books about personal improvement really are timeless classics! Often when I feel a bit low, I walk along the beach in Bournemouth, and listen to a Dale Carnegie audiobook, and they are full of human wisdom, that give me a terrific motivational lift - highly recommended to everyone!

29th Nov '22

Hi yay!

Zipmanpeter

Paul,

Like another reader below, I read the column most days but still get value from this weekly summary - to re-prise the week, focus on some different shares at the weekend or to catch up if I have travelled for a few days. (Time for a new beammeupscottie style fantasy fund based on Stocko mystery shares? I think you are due a bounce -or at least I hope so since I have a deliberate over-exposure to UK consumer facing stocks now)

However, I especially value the brief paras on the macro - what was happening in the background as context to the shares (If everything tanked because of a budget or announcement of war) or key insight discovered like the container rates. These titbits are so valuable to a private investor.

Keep up the great work - just dont burn out from giving us too much.

Fishcake

Never change Paul, you're a legend!

DarwenLad

Since I am not a regular commuter or waste time driving up and down Britain’s congested motorways, I thought I had little time/opportunity to listen to Paul’s weekly podcast. But having started listening (as a welcome alternative to the doom and gloom of Radio 4’s Today programme) I now realise that his weekly podcasts, plus the excellent ceo interviews, are a “must listen” for any active small cap investor.

I have long admired Paul’s way with words, and the speed with which he turns round sensible commentary on a string of small companies rarely covered by analysts. The fact that he can also talk sensibly about the subjects he has been writing about, makes for an easy listen – a very under-rated skill.

As a recent convert to financial podcasts can I recommend a couple of others? Anyone interested in investment trusts will find Jonathan Davis’s weekly Money Makers podcast, which has a link on the AIC website, a worthwhile listen. As well as covering weekly news in the investment trust world it also features interviews with top fund managers, some of whom, such as Capital Gearing Trust’s Peter Spillar, rarely break cover.

Another podcast worth the occasional listen is “A long time in Finance” by Neil Collins and Jonathan Ford, a couple of former City editors.

The final reason I have become a financial podcast convert is that it is an easy way of getting to listen to someone you really want to, when you want to, without having to hang around in the hope that they might pop up on the radio at some stage.

A case in point is Dominic O’Connell, IMHO one of the best radio financial journalists around. He was the BBC’s business correspondent for 5 years and used to have a 6.15am slot on Radio 4’s Today programme which almost always gave a good overview of what was happening in the markets and the corporate sector. I always tried to make a point of listening to it.

Last year, Dominic defected to Times Radio, to do a similar job. His business/financial commentary and news judgements are often better than those on the Today programme, but it is well nigh impossible to pin down when he will surface on Times Radio’s 3-4 hour morning programme.

If Dominic O’Connell had a weekly podcast, like Paul’s, I, at least, would make a point of adding it to my list of “must listen” financial podcasts.

Paul, please keep up the good work. It is much appreciated by the often silent body of Stockopedia subscribers.

Paul's weekly SCVR summary - (w/e 25 Nov 2022) - episode 22

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Paul Scott

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